Team News Riveting
Mumbai, May 3
Prakash Industries Limited (PIL), a diversified company having interests in steel, power and mining, has registered a growth of 77 per cent in the Profit after Tax (PAT) in the last financial year.
During the year ended March, 31, 2022, the Company has achieved net sales of Rs 3929 crore and EBITDA of Rs 399 crore, reflecting growth of 22 per cent and 24 per cent respectively over the previous financial year. Profit after Tax for the year also grew by 77 per cent to Rs 169 crore, the company said in a regulatory filing.
During the quarter ended March 31, 2022, the company has achieved net sales of Rs 1157 crore, EBlTDA of Rs 109 crore and Profit after Tax (PAT of Rs 53 crore.
The Ministry of Coal had awarded Vesting Order for Bhaskarpara Coal Mine in favour of the Company on November 18, 2021. The Company is fast tracking the opening of the coal mine as the Mining Plan for a rated capacity of 1 million tonnes per annum has already been approved in-principle by the Ministry of Coal on 1oth March, 2022. This mine shall go a long way in enhancing the revenue and profitability of the Company, more so, in a scenario marked by global coal shortages.
The Company had secured Long Term Coal Linkages of around 1 million tonnes per annum for the next 5 years in the recent coal linkage auction conducted by Coal India Limited. These linkages will provide long term stability to the operations of the Company and improve its operating and financial performance.
The Company mined 7.8 lakh tonnes of Iron Ore from its Sirkaguttu mine, Odisha during the year, up by 65 per cent over the previous financial year. The mining plan of Sirkaguttu mine has been enhanced from 7.5 lakh tonnes to 10 lakh tonnes per annum, which shall result in higher extraction, thereby further adding to the margins of the Company.
